Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.3
Segment Reporting
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING

NOTE 12 – SEGMENT REPORTING

Through May 8, 2023, the date that the Company entered into an Asset Purchase Agreement with Apex Protect GPS, LLC agreed to sell its C-Bond nanoShield™ business (See Note 16), the Company operated in two reportable business segments - (1) the manufacture and sale of a windshield strengthening water repellent solution as well as a disinfection product, and the sale of multi-purpose glass strengthening primer and window film mounting solutions, including ballistic-resistant film systems and a forced entry system (the “C-Bond Segment”), and (2) the distribution and installation of window film solutions (the “Mobile Tint Segment”). The Company’s reportable segments were strategic business units that offered different products. They were managed separately based on the fundamental differences in their operations and locations. Upon the sale of the C-Bond nanoShield™ business, the legacy C-Bond business is being conducted through Mobile Tint in order to combine administrative functions and they are now being managed together.

Information with respect to these reportable business segments for the three and nine months ended September 30, 2023 and 2022 was as follows:

For the Three Months Ended
September 30,		 For the Nine Months Ended
September 30,
2023 2022 2023 2022
Revenues:
C-Bond $ - $ 113,280 $ 124,372 $ 291,254
Mobile Tint 813,951 460,369 1,618,854 1,333,471
813,951 573,649 1,743,226 1,624,725
Depreciation and amortization:
C-Bond - 1,948 569 6,380
Mobile Tint 22,558 20,616 63,384 61,850
22,558 22,564 63,953 68,230
Interest expense:
C-Bond -
-
 357
-
Mobile Tint 11,466 4,581 23,264 13,237
Other (a) 47,221 440,985 402,704 1,044,447
58,687 445,566 426,325 1,057,684
Net income (loss):
C-Bond (179,586 ) (260,986 ) 3,304,381 (789,601 )
Mobile Tint 143,289 (42,648 ) (33,524 ) (158,076 )
Other (a) (127,771 ) (642,756 ) (383,739 ) (2,927,484 )
$ (164,068 ) $ (946,390 ) $ 2,887,118 $ (3,875,161 )

September 30,
2023		 December 31,
2022
Identifiable long-lived tangible assets on September 30, 2023 and December 31, 2022 by segment:
C-Bond $
-
 $ 1,684
Mobile Tint 183,886 94,622
$ 183,886 $ 96,306

(a) The Company does not allocate any general and administrative or financing expenses of its holding company activities to its reportable segments, because these activities are managed at the corporate level.